题目
Extracts from the recent financial statements of Bold Co are given below.
A factor has offered to manage the trade receivables of Bold Co in a servicing and factor-financing agreement. The factor expects to reduce the average trade receivables period of Bold Co from its current level to 35 days; to reduce bad debts from 0·9% of turnover to 0·6% of turnover; and to save Bold Co $40,000 per year in administration costs. The factor would also make an advance to Bold Co of 80% of the revised book value of trade receivables. The interest rate on the advance would be 2% higher than the 7% that Bold Co currently pays on its overdraft. The factor would charge a fee of 0·75% of turnover on a with-recourse basis, or a fee of 1·25% of turnover on a non-recourse basis. Assume that there are 365 working days in each year and that all sales and supplies are on credit.
Required:
(a) Explain the meaning of the term ‘cash operating cycle’ and discuss the relationship between the cash operating cycle and the level of investment in working capital. Your answer should include a discussion of relevant working capital policy and the nature of business operations. (7 marks)
(b) Calculate the cash operating cycle of Bold Co. (Ignore the factor’s offer in this part of the question). (4 marks)
(c) Calculate the value of the factor’s offer:
(i) on a with-recourse basis;
(ii) on a non-recourse basis. (7 marks)
(d) Comment on the financial acceptability of the factor’s offer and discuss the possible benefits to Bold Co of factoring its trade receivables. (7 marks)
第1题
A.5.1%
B.4.7%
C.6.6%
D.6%
第2题
A Selection from a work
Some books are to be tasted, others to be swallowed, and some few to be chewed and digested; that is, some books are to be read only in parts; others to be read, but not curiously; and some few to be read wholly, and with diligence and attention. Some books also may be read by deputy and extracts made of them by others, but that would be only in the less important arguments and the meaner sort of books; else distilled booked are like common distilled waters.
Question:
1. This passage is taken from a well-known work entitled ___, written by ____.
2. What's the main idea of the whole work?
第3题
A.tctl -f /dev/rmt0.1 fsf 2 ; tar -xv file3
B.tctl -f /dev/rmt0.0 fsf 3 ; dd if=file3 pf =/dev/mt0.1
C.tctl -f /dev/rmt0.1 fsf 2 ; dd if=/dev/rmt0.1 of=file3
D.tctl -f /dev/rmt0.0 fsf 3 ; dd if=/dev/rmt0.1 of=file3
第4题
A.The line clock tracing should follow the minimum path requirement.
B.The clock compensation should be given if there are many nodes on the link and each of them extracts the clock from a distance to the near.
C.It is suggested that SSM protocol is used in the whole network (user-defined mode II) to provide clock protection and avoid clock looping.
D.For the clock synchronization scheme of CES service, the PE synchronization mode is the first choice and the adaptive mode is the second choice.
第5题
(c) You have just been advised of management’s intention to publish its yearly marketing report in the annual report
that will contain the financial statements for the year ending 31 December 2005. Extracts from the marketing
report include the following:
‘Shire Oil Co sponsors national school sports championships and the ‘Shire Ward’ at the national teaching
hospital. The company’s vision is to continue its investment in health and safety and the environment.
‘Our health and safety, security and environmental policies are of the highest standard in the energy sector. We
aim to operate under principles of no-harm to people and the environment.
‘Shire Oil Co’s main contribution to sustainable development comes from providing extra energy in a cleaner and
more socially responsible way. This means improving the environmental and social performance of our
operations. Regrettably, five employees lost their lives at work during the year.’
Required:
Suggest performance indicators that could reflect the extent to which Shire Oil Co’s social and environmental
responsibilities are being met, and the evidence that should be available to provide assurance on their
accuracy. (6 marks)
第6题
--- Do you mind telling me where you’re from? --- __________ .
A.Certainly. I’m from London
B.Sur
C.I was born in London
D.Not really, you can do it
E.Certainly not. I’m from London
第8题
A.They came from the original wing.
B.They're made of the same material.
C.They're similar in shape.
D.They were designed by the same person.
第9题
A.from
B.on
C.with
D.off
第10题
第11题
-- They’re not with the other orders, sir. They ___________ be there, but they’re not.
A. may
B. should
C. will
D. ought to
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